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Looking to buy a home that I would immediately have to finance a garage build, is it possible?

A home we are looking to buy has a 1.5 car garage which we would want to replace with a 2 car.  Being our first home, we would be emptying a majority of our savings in to the closing costs and furnishing of the home.  Rather than completely draining our savings, is it possible to finance such a project?

Also note, we would have to move the garage further back and towards the other side of the yard, so addition is not possible...
  • December 08 2011 - La Grange
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Answers (4)

We offer a full range of Renovation Finance products in order to do just what you are looking to do.  Purchase or Refinance, there are products available to finance those repairs/renovations so you won't have to come out of pocket with those additional costs.  The appraised value will be based on the projected renovations being completed, so you will know what your home will be worth AFTER the project is complete. :)

Not only is there an FHA 203k, but many other flavors of renovation loans, ton include some loans which do not have mortgage insurance.  Feel free to look up my contact information in my profile and I would be glad to see which product best suits your needs.

Best of luck! ;)

b
  • December 12 2011
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Wells Fargo has an FHA 203K program where you can make improvements to the home after closing. The improvements for the bid are made during the financing portion & the costs of the improvements are put into the loan.

  • December 08 2011
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I think you should first check to see what building permits you need and if they city allows you to do what you want to do. It's not always that easy.
  • December 08 2011
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Many community banks have programs for this type of thing, where purchase money is combined with a construction loan, which then rolls together in the end loan product.

you will need to talk about it with your lender, but yes, in the broadest of terms, it is doable.
  • December 08 2011
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